A family office sold the iconic Pinar 18 building in Madrid's exclusive El Viso neighbourhood, counting with the advisory of Colliers in the selling process. The asset is one of the headquarters of IE Business School, a long-term tenant that has now become the owner of the property.
The iconic asset consists of two semi-detached and interconnected buildings, which are distributed over 3 floors with a floor area of 1,350 sqm. The plot, of over 2,000 sqm, has large landscaped areas and parking spaces. It was built in 1921 with a representative colonial baroque configuration and is included in the General Catalogue of Protected Buildings of Madrid.
According to Colliers, the latent demand for university use in Madrid is estimated at 65,000 square metres. Madrid concentrates 21.9% of all students enrolled in on-site universities, both private and public, and is the largest national centre of studies and, increasingly, an important international hub for both Spanish and foreign schools, being the place chosen by many of them to set up university campuses thanks to its qualification as a very safe city, its competitiveness in services and the range of courses on offer.
"The growth of private universities, the competition between them, as well as the new trends and habits of students in terms of experience and quality of life, is making private universities give priority to having their activity within the M30. They are looking to improve proximity and student mobility in order to attract talent to their centres," says Martín Galbete, National Office Director at Colliers.
"This transaction confirms the prominence of the education sector, which has added more than 100,000 sqm since the pandemic, combining both lease and sale and purchase transactions, of which Colliers has advised 15%, and which makes it one of the best alternatives for repositioning and generating value to assets, especially those that have historically been operated under office use" concludes Martín Galbete.